American tech giant Microsoft has seen its business worth increase by $77 billion since its plans to acquire TikTok in the US became public knowledge.
As reported by Business Insider, the company’s shares increased by almost five per cent, propelling its value up. With the extra $77 billion, Microsoft is now worth a staggering $1.6 trillion.
The increased valuation follows Microsoft’s confirmation that it plans to acquire the US operations short-form video app TikTok. However, due to the growing tension between the US and China, president Donald Trump has given the tech giant 45 days to secure a deal, meaning an agreement must be finalised by September 15th.
Trump card
Furthermore, the president has insisted that the US Treasury should see some of the profits should Microsoft succeed in its acquisition. Trump’s behaviour in regards to the matter has been referred to as “mafia-like.”
Recently, Trump signed two executive orders to issue a ban to not only TikTok but to Tencent’s WeChat. Both apps will be forbidden in the US 45 days after Trump signed the papers. However, if the deal with Microsoft goes through, the order against the ByteDance-owned company will be voided. It is worth noting that both companies could take the decision to court.
